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Posted 10/31/09 3:41 PM MichaelBarry Sebring, FL | Well let's see. On October 23 seven banks were seized. On October 30 nine more banks were seized. Total number of banks failed in 2009 at 115. So about 14% of 2009 failures were in the last 8 days. I believe that I am going to stick to my prediction of an acceleration in failures going into the year end.
We should start now wagering on how many will be seized on Nov. 6. This may not just be a jobless recovery, it may be a bankless one as well. |
Posted 10/31/09 6:44 PM CTLovesNathanHale Atlanta, GA | Nothing more than scumbags consolidating their monopoly cartel... |
Posted 11/01/09 09:58 AM BruceLayne Lexington, KY | Despite all the bank failures we had earlier in the year, the FDIC imposed a moratorium on the closing of banks that met their criteria because the FDIC didn't have the money to close the bad banks and they knew the perception it would create for the FDIC to get a bailout. That would broadcast the message that the entire banking industry was insolvent and unsustainable. SO instead, they took a collection from all of the bailed out mega-banks, essentially allowing them to pre-pay their FDIC premiums, so there would be sufficient funds to allow the FDIC to close these little banks, so the big banks could use future tax dollars to buy their smaller competitiors for pennies on the dollar.
It's all a huge scam, of the sort that is inevitable when we abandon free market principles and instead nationalize banks and provide government subsidies. Government involvement always results in corruption. The bad guys win, and the government grows larger. The slump in commercial real estate is starting to drag down banks while the residential real estate market still hasn't bottomed out yet. Green shoots, my rosy butt! They've screwed our economy up royally. Hang on. This is gonna get ugly. |
| Posted 11/01/09 10:12 AM BruceLayne Lexington, KY | PS - The large office building that was constructed in my hometown over a year ago finally took down the "Wachovia Bank - Coming Soon!" signs in every first floor window and put up "For Lease" signs. More signs of the green shoots, I guess.
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Posted 11/01/09 10:39 AM sweetliberty San Rafael, CA | Can someone please explain to me what's happening? The article does not make it very clear. Nine banks were "seized" -- seized how, and by whom? Didn't they just go under? If so, is that now called seizing? I'm not sure I understand. Nine banks failing is sad, but nine banks being seized by the government is an outrage. |
Posted 11/01/09 12:32 PM ChrisW San Tan Valley, AZ | But according to the POTUS the economy us getting better [/sarcasm] |
Posted 11/01/09 12:56 PM deb4523 Valdez, AK | Read the following right after reading this article:
"A bright spot in the recovery identified by Geithner is the banking system, which he said is "dramatically more stable" because of the government bailout." -http://news.yahoo.com/s/ap/20091101/ap_on_bi_ge/us_geithner_e conomy LOL |
| Posted 11/01/09 2:33 PM Al Langhans Elizabethville, PA | are they closing these banks? or are they bringing them into the Federal Reserve system? Forceful takeover for "safety" of markets? |
| Posted 11/01/09 8:22 PM redshirt Philadelphia, PA | No, no, these are normal failures due to the economic crisis (http://en.wikipedia.org/wiki/Bank_failure and http://money.cnn.com/2009/10/30/news/economy/fbop_failure/index.htm?postversion= 2009103023)
Bigger news... CIT is filing for bankruptcy. Check out their status in the national economy... it's frightening. http://money.cnn.com/2009/11/01/news/companies/cit_group/index.h tm?postversion=2009110118 And the Ford UAW won't accept terms. Get negotiating quick guys and gals! It is no accident unemployment is highest where the unions are strongest. The higher cost of labor causes companies to cut jobs and get risky in attempts to make up the cash flow someplace else (such as risky financing). |
Posted 11/02/09 08:06 AM jwfox1965 Las Vegas, NV | "Can someone please explain to me what's happening? The article does not make it very clear. Nine banks were "seized" -- seized how, and by whom? Didn't they just go under? If so, is that now called seizing? I'm not sure I understand. Nine banks failing is sad, but nine banks being seized by the government is an outrage."
Effectively by the FDIC since that's the agency that backstops the depositors, the FDIC (along with other agencies) generally oversees the liquidation of the assets of these "failed" banks. |
Posted 11/02/09 09:34 AM bblack Mankato, MN | One economist I read was making the point that there are thousands of banks that need to fail. They are being siezed systematically in order to not cause a panic. |
| Posted 11/02/09 9:17 PM Scott from PA Hopwood, PA | I've noticed that news articles about bank failures run late on Friday evening or early on Saturday morning (as this article did) - this is when the fewest people are paying attention to the news. |
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